It would be tempting to see if there is a correlation in when the “legit” art world price going off a cliff and the NFT bubble, because that suckered in a lot of the idiot end of the speculator crowd.
If you don't let people hold onto cash, they will just find something else to replace it (and of course, it is always the lower classes that have to suffer the secret taxation that is money supply inflation targets).
If I had to guess, on average works of art go down in value, simply because of how much is produced.
>Some random pieces blowing up in value if the artist becomes famous later, but most would go nowhere.
That's exactly where speculation comes from. It's the same as any form of gambling. On average you're losing money, but every once in a while one lucky guy makes off like a bandit.
> A recent pilot by KPMG, Merck, Walmart and IBM using blockchain injects new trust into the system by reducing the time it takes to trace prescription drugs from 16 weeks to just two seconds.
It was impressive how many people uncritically took these claims as facts.
[Stares aggressively in the direction of gen AI.]
The problem is that that relationship doesn't exist and is impossible. If someone wants to tamper with a supply chain, all they need to do is tamper with the real world without letting that reflect on the ledger. And that destroys the entire point of the concept.
It's dependent on how performant the underlying protocol is, not all blockchains are the same.
And you can counter-sign the time if you need to prove that.
NFTs seem like a solution to a non existent problem. Or a problem you have to search really really hard to find.
without any enforcement with sanctioned violence, this is merely symbolic. It's why so much scam happens with the NFT space.
My web browser has a novel and advanced attack on the cryptosystem built into it I have dubbed the right-click-copy-image attack.
I’ve even managed to replicate it on my phone.
Nobody cares about your precious little certificate, but if it makes you happy, buy it.